True or False? “ARS or Alternative Remittance Systems move value from one location to another by transferring funds through the regulated financial system.”

According to AUSTRAC, why is ARS or Alternative Remittance Systems significant? Fill in the blanks (type correct answers into text boxes at each blank). “(ARS) has become a significant vehicle to transfer money into and out of a . It plays an important role in the laundering of drug monies, the financing of terrorism, human trafficking, and the of foreign currency controls, taxes and customs duties. It also has played a legitimate role, for example, in facilitating by migrants.”

The enforcement of AML laws and the Risk-based Approach of banks may have unintended consequences on the remittances sector. There is a risk that the money remittance business will move underground thereby increasing the risk of:Group of answer choicesa) Banking collapsed) Money laundering through the banking systemb) Terrorist fundingc) ARS becoming extremely corrupt

Alternative remittance’ refers to usually provided within ethnic community groups and known by particular to each culture. Generally, such services accept cash, cheques or monetary instruments in one location and pay an equivalent amount to a in another location.”

With regard to asset transformation, financial intermediaries are able to provide deficit units with diverse loan products and at the same time satisfy the varying preferences of investors offering them a range of deposit products. Question 3Select one: True False

According to AUSTRAC, what is Alternative Remittance? Fill in the blanks (type correct answers into text boxes at each blank). “Alternative remittance’ refers to usually provided within ethnic community groups and known by particular to each culture. Generally, such services accept cash, cheques or monetary instruments in one location and pay an equivalent amount to a in another location.”